AMP announce NZ wealth IPO
AMP will float off its New Zealand wealth management business.
The company announced that it intended to divest the New Zealand wealth management and advice business via an initial public offering (IPO) next year.
It said the decision to proceed with an IPO and its timing remained subject to market conditions and regulatory approvals.
The announcement said the businesses had financial year 2018 pro forma operating earnings of approximately $40 million on a standalone basis.
It said the IPO would release capital to AMP and create a standalone New Zealand wealth management and advice business.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
